Forbes releases World’s Richest Arabs list for 2018

Forbes magazine published on Tuesday its World Richest Arabs list for 2018, choosing for the first time to exclude Saudi billionaires following reports of assets seizure of nearly 200 prominent Saudi royalties and businessmen in an anti-corruption purge.

According to Forbes list, the net wealth of the World’s Richest Arabs reached $76.7 billion, distributed between 31 Arab men.

Egypt topped the list with businessman Nassif Sawiris with a net fortune of $6.6 billion. Sawiris was ranked fifth in last year’s list. The UAE topped the list with the number of richest Arabs with seven Emirati billionaires followed by Egypt with six billionaires.

Read:Now is the best time to invest in Egypt, says Sawiris

UAE’s Abdullah bin Ahmed Al Ghurair and Majid Al-Futtaim came in second and third place with a net worth of $5.9 billion and $4.6 billion respectively.

Lebanon’s Prime Minister Saad Hariri ranked 21st with a net wealth of $1.5 billion outperforming Kuwait’s Kharafi brothers who came in the 23rd place with net worth of $1.2 billion.

Forbes said its list was based on stock prices and exchange rates from February 9, 2018.